International pharmaceutical company Midatech Pharma guided towards an increase in full-year US product sales of at least 29% on Wednesday, as expected.
In a pre-close trading update, the Oxford based company announced sales from that country were expected to increase from £5.2m in 2016 to £6.7m, alongside an increase of at least 7% in total net revenues for the 12 months ending on 31 December from £6.9m to £7.4m.
Jim Phillips, chief executive of Midatech Pharma, said: “With our two lead candidates now approved to enter the clinic, and our established US commercial presence in the US delivering consistent growth, 2017 was a significant year in the Group's development and 2018 shows great promise.”
The company's US operations reached break-even in H2 2017, subject to final audit approval, and were in the process of carrying out the first ever in-human clinical studies of Q-Octreotide for the treatment of carcinoid cancer and acromegaly.
They were expected to be completed in Q4 2018 or Q1 2019 and a study of MTX110 which is a treatment for the treatment of fatal childhood brain cancer was expected to conclude toward the end of 2019.
“Midatech is funded to support progression towards these and other value-driving product milestones and we eagerly await various value inflections points in 2018,” said Phillips.
Midatech Pharma was supporting these trials with the aid of a $15m four-year senior loan facility which it secured from MidCap Financial in January, from which it initially drew down $7m.
As of 0909 GMT, Midatech Pharma's shares were unchanged at 36.50p.